Cabinet nod for Lakshmi Vilas Bank, DBS Bank India amalgamation

The Union Cabinet on Wednesday approved the amalgamation of the Karur based 94-year old Lakshmi Vilas Bank (LVB) with DBS Bank India, a subsidiary of DBS Bank, Singapore.

Briefing the media about the cabinet decision on the matter Union Minister Prakash Javadekar said the cabinet has approved the amalgamation of LVB with DBS Bank.

Javadekar said liability will be fixed for wrongdoings in LVB on the board members that has been removed.

"This is one of the efforts of cleaning up the banking sector," Javadekar said.

He said the interests of LVB's 20 lakh depositors, Rs.20,000 crore deposits and 4,000 employees has been secured.